ProShares Ultra Oil & Gas

October WTI (or West Texas Intermediate) crude oil (USO) (UCO) futures contracts rose 0.4% and were trading at $47.73 per barrel in electronic trade at 2:00 AM EST on August 22, 2017.

Revenues from Weatherford International’s (WFT) Latin American region fell the most by 18.5% from 2Q16 to 2Q17.

A Reuters survey estimates that Libya’s crude oil production fell by ~20,000 bpd (barrels per day) to 670,000 bpd in February 2017—compared to January 2017.

On February 9, 2017, US crude oil futures contracts for March delivery closed at $53.00 per barrel—an ~1.3% rise compared to the previous trading session.

The short interest in Schlumberger (SLB), as a percentage of its float, is 1.5% as of August 7, 2017—compared to 1.6% as of June 30, 2017.

Short interest in Nabors Industries (NBR) as a percentage of its float was 11.4% as of June 19, 2017, compared to 10.1% as of March 31, 2017.

Let’s track some important events for oil and gas traders from August 14 to 18, 2017.

June diesel futures contracts rose 2.1% to $1.47 per gallon on May 10, 2017. Prices rose due to the larger-than-expected fall in distillate inventories.

The energy sector contributed to ~6.3% of the S&P 500 (SPY) (SPX-INDEX) on April 28, 2017. Oil and gas are major parts of the energy sector.

Russia’s Energy Ministry reported that its oil production fell in the first half of April 2017 due to major producers’ production cut deal.

The EIA (U.S. Energy Information Administration) estimated that four-week average US gasoline demand fell by 80,000 bpd to 9,237,000 bpd on April 14–21.

On November 16, Weatherford International (WFT), an oilfield equipment and services company, disclosed that it issued 84.5 million ordinary stocks.

A less-than-expected rise in gasoline inventories supported gasoline prices on May 3, 2017. Gasoline and crude oil (DIG) (SCO) (VDE) prices rose on May 3.

Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 20% in 1Q17—compared to 1Q16. Its Production segment fell ~8%.

Short interest in Schlumberger (SLB) as a percentage of its float is 1.2% as of July 6, 2017, compared to 1.2% as of March 31, 2017.

Schlumberger’s (SLB) Drilling segment witnessed the highest revenue fall of 32% in 4Q16 compared to 3Q16.

Libya’s crude oil production   On December 20, 2016, Libya’s National Oil Corporation reported that pipelines leading from the Sharara and El Feel fields were reopened. The pipelines were closed for two years due to militant attacks. The pipelines are expected to add 270,000 bpd (barrels per day) of crude oil supply over the next three months. The […]

US crude oil output is at the highest level since January 25, 2016. The rise in crude oil output is the biggest bearish driver for crude oil prices in 2017.

The EIA (U.S. Energy Information Administration) estimated that four-week average US gasoline demand rose by 6,000 bpd to 9,317,000 bpd on April 7–14.

The EIA reported that US crude oil inventories fell by 6.4 MMbbls (million barrels) to 509.9 MMbbls on May 19–26, 2017.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2.2 MMbbls (million barrels) to 150.2 MMbbls between March 31 and April 7, 2017.

In 2Q17, Schlumberger reported a net loss of ~$74 million—a sharp improvement compared to 2Q16 when it reported a net loss of $2.16 billion.

On April 18, 2017, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 0.84 MMbbls from April 7–14.

The EIA reported that monthly US crude oil production rose 196,000 bpd to 9.0 MMbpd in February 2017.

The US Energy Information Administration estimates that global crude oil supply outages fell by 247,000 bpd (barrels per day) to 2.0 MMbpd (million barrels per day) in June 2017.

The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 36,000 bpd (barrels per day) to 9,235,000 bpd between March 31 and April 7, 2017.

Rosneft is Russia’s largest oil producer. On June 1, a Rosneft board member stated that Russia wouldn’t extend the production cut deal beyond March 2018.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2 MMbbls to 148.3 MMbbls on April 7–14, 2017.

The EIA estimated that four-week average US gasoline demand rose by 210,000 bpd (barrels per day) to 9,312,000 bpd from March 17–24, 2017.

In 1H17, Weatherford’s revenues fell 8%—compared to 1H16. It managed to lower its net losses significantly during this period.

The energy sector contributed to ~6.6% of the S&P 500 on March 31, 2017. Oil and gas producers’ earnings depend on crude oil and natural gas prices.

The EIA reported that monthly US crude oil production rose by 60,000 bpd (barrels per day) to 8.8 MMbpd in January 2017—compared to the previous month.

Schlumberger’s Drilling segment witnessed the highest revenue fall at 32% in 4Q16 compared to 4Q15. The segment was followed by the Reservoir Characterization and Production segments.

The EIA reported that US distillate inventories fell by 1.9 MMbbls (million barrels) to 146.8 MMbbls on May 5–12, 2017.

Hedge funds reduced their net long positions in US crude oil futures and options by 12,094 contracts to 157,891 contracts on September 5–12, 2017.

October WTI (West Texas Intermediate) crude oil (USO)(UCO)(DIG) futures contracts rose 0.16% and were trading at $49.98 per barrel in electronic trading at 2:10 AM EST on September 18.

On September 13, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report.

West Texas Intermediate crude oil (DBO) (DIG) (XLE) futures contracts for October delivery rose 1.2% to $48.07 per barrel on September 11, 2017.

US distillate inventories  On August 30, 2017, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA estimates that US distillate inventories rose by 0.5% to 149.1 MMbbls (million barrels) between August 18 and 25, 2017. Inventories fell by 5.6 MMbbls, or 3.6%, from the same period in 2016. Inventories […]

US crude oil production  The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 2,000 bpd (barrels per day) to 9,530,000 bpd between August 18 and 25, 2017. Production rose 1,042,000 bpd, or 12.3%, from the same period in 2016. It has risen for three consecutive weeks to August 25, and has reached […]

Let’s track some important events for oil and gas traders between August 28 and September 1, 2017.

The EIA reported that US crude oil inventories fell by 8.9 MMbbls or 1.8% to 466.4 MMbbls on August 4–11, 2017—the biggest draw since September 2016.

September WTI (West Texas Intermediate) crude oil (OIH) (SCO) (DIG) futures contracts rose 0.5% to $47.81 per barrel in electronic trading at 1:50 AM EST on August 16, 2017.

The API estimates that US gasoline inventories rose by 1.5 MMbbls (million barrels) on July 28–August 4, 2017.

Schlumberger’s (SLB) Production segment witnessed the highest revenue growth (17.6% rise) in 2Q17 over 2Q16.

In 1Q17, Weatherford International’s net loss was $443 million.

Schlumberger’s 1Q17 revenue by geography From 4Q16 to 1Q17, Schlumberger (SLB) witnessed 6% revenue growth in North America, while it saw a steep revenue decline of ~10% in the Europe/CIS[1.Commonwealth of Independent States]/West Africa region. Schlumberger’s revenue from Latin America was resilient in 1Q17, remaining unchanged from 4Q16. Schlumberger accounts for 6.5% of the ProShares […]

In the week ended June 23, 2017, natural gas inventories were at 2,816 Bcf (billion cubic feet)—46 Bcf more compared to the week earlier.

In the week ended June 16, 2017, natural gas inventories rose 61 Bcf (billion cubic feet) to 2,770 Bcf based on EIA data released on June 22, 2017.

On June 22, 2017, WTI crude oil (USO) (OIIL) active futures’ implied volatility was 29.7%, up 1.7% compared to its 15-day average.